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Energy Analyst, Adeoye Highlights Complexities Of Nigeria’s Petrol Pricing Amid Dangote Refinery Launch
Energy policy analyst, Adeyemi Adeoye has highlighted the complexities of Nigeria’s petrol pricing following the launch of the Dangote Refinery, stressing the importance of informed dialogue and the critical role of negotiations between private refineries and the Nigerian National Petroleum Company Limited (NNPC Ltd).
He shared his views during an appearance on TVC News on Friday, which was monitored by our correspondent.
Adeoye emphasized that the emotional responses to petrol pricing have diminished since the refinery’s inauguration. “When we take sentiment out of the conversation, then the real talk can begin,” he remarked, advocating for a more rational dialogue about the oil industry.
He clarified that the NNPC Ltd was not serving as a regulator in the current deregulated environment, a point, which he contends remains misunderstood by many.
He explained, “The sentiment and undue emotions surrounding this conversation since the advent of the Dangote Refinery are subsiding. When we take the sentiment out of the conversation, then the real discussion can begin.
“The oil industry has an operational manual; there is a way it functions. We all own the NNPC. Ordinarily, if it is representing the interests of Nigeria, in this deregulated system we have seen, especially since the PIA (Petroleum Industry Act) came into effect. The NNPC is not a regulator.
“This is a point many people still do not understand. If it were a regulator, its role would be to come out in the open, maybe via a press conference, and announce the price at which the government would be selling. But, as we’ve seen, it is still the Dangote Refinery that announces the prices, and we also need to take this into consideration.
“What is happening now is a joint venture. The NNPC is familiar with joint ventures. They have joint ventures all over the upstream sector with different international oil companies operating in Nigeria, and this is what has developed between the Dangote Refinery and the NNPC — it’s a joint venture.
“The NNPC supplies Dangote Refinery with crude oil and, in return, gets refined products for Nigerians. Essentially, this is the ongoing relationship, and that is why negotiation was important. If you observe, you will notice that Dangote Refinery has not announced a price.
“Dangote did not announce a price because they need to negotiate properly, and the NNPC is the chief negotiator in this instance because it supplies the crude oil, just as the government supplies crude to Dangote.
“Dangote is also sourcing crude from Brazil and the U.S., but the NNPC is supplying crude, and on the strength of that, it goes into the negotiation.
“The key takeaway for Nigerians is that the NNPC has announced that Dangote Refinery is free to deal with any marketer on a willing buyer, willing seller basis. However, the negotiation did not start at the price announced by NNPC or Dangote. The negotiation started at a higher price, for very obvious reasons.
“In the United States (US), the average price for gas (petrol) is $3.33 per gallon. If you divide a gallon, which is about 4 liters, you get around N5,279. Breaking it down, that’s about N1,119.75 per liter. So, this is the amount Dangote would have sold it for.
“It wouldn’t have been less than N1,300. If Dangote is allowed to operate purely as a business entity, there is nothing wrong with that. But without negotiations, Nigerians could have been paying no less than N1,300 for fuel because it is an international product.
“Nigerians need to understand that to refine crude oil, you first need to produce crude oil, and producing crude oil involves what is called an oil rig.
“The cheapest oil rig you can get costs around $100,000 to $150,000 per day. So, if you have a marginal field and you are paying $150,000 per day for your crude, you will also have to pay for the vessel to transport it to Dangote.
“Dangote is not going to pay you in Naira; it is going to pay you in dollars. These are all factors that affect the pricing. It is not like other commodities; it is an internationally determined commodity, and the pricing is not something easy to determine.
“That’s why Dangote couldn’t come out to announce pricing immediately. It had to first negotiate with its suppliers, which in this case is the NNPC.” he added
The Fédération Royale Marocaine de Football (FRMF) has defended its position following the controversial ruling by the Confederation of African Football Appeal Board over the disputed 2025 Africa Cup of Nations final.
In a statement issued on Wednesday, the Moroccan football authority said its appeal was strictly aimed at ensuring the proper application of competition rules, and not to question the sporting merit or performance of any team involved in the final.
The federation emphasized its commitment to fairness, transparency, and the stability of African football competitions, noting that its actions were guided by respect for established regulations.
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“The Federation reiterates that its approach has always been grounded in respect for the rules and stability of African competitions,” the statement read.
FRMF also praised all participating nations in the tournament, describing the 2025 AFCON as a significant milestone in the growth and development of football across the continent.
However, the body revealed that a more detailed position would be made public after a scheduled meeting of its governing organs.
The statement is expected to further clarify Morocco’s stance and outline any possible legal or administrative steps moving forward.
The CAF Appeal Board’s decision has continued to generate widespread reactions among football stakeholders, with growing calls for clearer regulations, improved transparency, and consistency in the administration of African football.
The Social Democratic Party (SDP) and the Inter-Party Advisory Council (IPAC) have disclosed details of their recent closed-door meeting with President Bola Tinubu, explaining that the engagement focused on strengthening Nigeria’s democratic process ahead of the 2027 general elections.
The clarification came amid speculation surrounding the meeting, which took place at the Presidential Villa in Abuja after leaders of several opposition parties attended an Iftar dinner hosted by the president earlier in the week.
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Speaking during a gathering hosted in Abuja by the SDP’s former presidential candidate, Adewole Adebayo on Friday, the party’s National Chairman, Prof. Sadiq Gombe, said the meeting with Tinubu followed an official invitation from the Presidency and lasted about an hour.
According to Gombe, the discussion centred on the need to strengthen Nigeria’s electoral laws and restore public confidence in the country’s electoral process ahead of the 2027 polls.
He explained that the meeting provided an opportunity for party leaders to remind the president of the importance of conducting transparent, free, and credible elections.
Gombe noted that democracy can only thrive when governments listen to the concerns of citizens and ensure electoral processes that guarantee fairness and accountability.
The SDP chairman also expressed concern over growing voter apathy, pointing to the low turnout recorded in the recent Area Council election in the Federal Capital Territory.
He said the Abuja Municipal Area Council election witnessed only about seven per cent voter turnout, which he described as a clear sign that many Nigerians are losing confidence in the electoral system.
Gombe urged the government and members of the National Assembly to take urgent steps to review electoral laws and rebuild public trust in Nigeria’s democracy.
Also speaking, the National Chairman of IPAC, Dr. Yusuf Dantalle, said political parties used the meeting to raise concerns about aspects of proposed electoral reforms, particularly issues related to indirect primaries and the mandatory electronic transmission of results.
Dantalle explained that the parties appealed to the president to use his influence to encourage legislative review where necessary, noting that reforms should strengthen, rather than complicate, the democratic process.
He expressed optimism that Tinubu would consider the concerns raised and support necessary amendments that would improve the electoral system.
The IPAC chairman also called on the Independent National Electoral Commission (INEC) to strictly adhere to electoral guidelines as preparations for the next election cycle begin.
Earlier in his remarks, Adebayo cautioned political actors against turning the 2027 general elections into a do-or-die contest, stressing that the primary goal of democracy should be the progress and stability of Nigeria rather than personal political victories.
He urged leaders across political parties to encourage citizens to actively participate in the democratic process and ensure that elections are conducted peacefully and transparently.
President Bola Tinubu and Mr. Taiwo Oyedele during his nomination on Wednesday.
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